Accounting 215 – Quiz Section #4 Autumn 2013Accounting 215 – Quiz Section #4 Autumn 2013Accounting 215 – Quiz Section #4 Autumn 2013 Lightening Incorporated had the following balances at the beginning of September. Account Title Debits Credits Cash 5,500 Accounts Receivable 1,500 Supplies 6,600 Land 10,200 Accounts Payable 6,500 Notes Payable 2,000 Common Stock 8,000 Retained Earnings 7,300 The following transactions occur in September: Sept 1 Provide services to customers for cash, $3,700. Sept 2 Purchase land with a long-term note for $5,400 from Sampson Company. Sept 4 Receive an invoice for $400 from the local newspaper for an advertisement that appeared on Sept 2. Sept 8 Provide Services to customers on account for $5,000. Sept 10 Purchase supplies on account for $1,000. Sept 13 Pay $3,000 to Sampson Company for a long-term note. Sept 18 Receive $4,000 from customers on account. Sept 20 Pay $800 for September’s rent. Sept 30 Pay September’s utility bill of $1,500. Sept 30 Pay employees $3,000 for salaries for the month of September. Sept 30 Pay a cash dividend of $1,000. Sept 30 Receive cash for services to be provided during the month of October, $2,000. Required 1. Record the transactions. 2. Post each transaction to the appropriate T-accounts. 3. Prepare a trial balance for September 30.Accounting 215 – Quiz Section #4 Autumn 2013 Sep. 1 Debit Credit (+A) Cash 3,700 (+R/+SE) Service Revenue 3,700 (Provide services for cash) Sep. 2__ (+A) Land 5,400 (+L) Notes Payable 5,400 (Purchase land with note payable) Sep. 4__ (+E/-SE) Advertising Expense 400 (+L) Accounts Payable 400 (Receive invoice for current advertising) Sep. 8__ (+A) Accounts Receivable 5,000 (+R/+SE) Service Revenue 5,000 (Provide services on account) Sep. 10__ (+A) Supplies 1,000 (+L) Accounts Payable 1,000 (Purchase supplies on account) Sep. 13__ (-L) Notes Payable 3,000 (-A) Cash 3,000 (Pay note payable) Sep. 18__ (+A) Cash 4,000 (-A) Accounts Receivable 4,000 (Receive cash on account) Sep. 20__ (+E/-SE) Rent Expense 800 (-A) Cash 800 (Pay rent for current month)Accounting 215 – Quiz Section #4 Autumn 2013 Sep. 30__ (+E/-SE) Utilities Expense 1,500 (-A) Cash 1,500 (Pay utilities for current month) Sep. 30__ (+E/-SE) Salaries Expense 3,000 (-A) Cash 3,000 (Pay salaries for current month) Sep. 30__ (-SE) Dividends 1,000 (-A) Cash 1,000 (Pay dividends) Sep. 30__ (+A) Cash 2,000 (+L) Unearned Revenue 2,000 (Receive Cash for services in the future)Accounting 215 – Quiz Section #4 Autumn 2013Accounting 215 – Quiz Section #4 Autumn
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